12 U.S.C. § 3019 — Taxation by State, county, etc., taxing authority; Federal tax status

(a) The Bank, including its franchise, capital, reserves, surplus, mortgages, or other security holdings and income must be exempt from taxation now or later imposed by any State^*, county, municipality, or local taxing authority, but any real property held by the Bank is subject to any State, county, municipal, or local taxation to the same extent according to its value as other real property is taxed.

(b) even if another law says otherwise, for purposes of subchapter T of chapter 1 of title 26 (1) the Bank must be treated as a corporation operating on the cooperative basis within the meaning of section 1381(a)(2) of title 26; (2) the term “patronage dividend”, as defined in section 1388(a) of title 26 includes, only as such section applies to the Bank, any patronage refunds in the form of class B or class C stock or allocated surplus that are distributed or set aside by the Bank under section 3014(i) of this title; (3) the terms “written notice of allocation” and “qualified written notices of allocation”, as defined in sections 1388(b) and

(c) of title 26, include (to the extent of par value), only as such sections apply to the Bank, any class B or class C stock distributed by the Bank under section 3014(i) of this title and must also include any allocated surplus set aside by the Bank under section 3014(i) of this title; (4) patrons of the Bank must be deemed to have consented under section 1388(c)(2) of title 26 to the inclusion in their incomes of any qualified written notices of allocation received by such patrons from the Bank; and (5) any amounts required to be included in the incomes of patrons of the Bank about class B or class C stock or allocated surplus must be treated as earnings from business done by such patrons of the Bank with or for their own patrons.

This section does not define “patronage dividend”, “written notice of allocation”, “qualified written notices of allocation”.